Meanwhile, in the Rest of the World

New York Times
May 7, 2009

We’ve become so caught up in our banking stresses and stress tests in the United States that we sometimes forget about what is happening in other parts of the world economy. This matters because, while the United States is the world’s largest economy, we’re only about 20 to 25 percent of global output (with the exact number depending on the precise exchange rate on that day) — so what happens elsewhere really matters for where we are going. more